FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

FAIR VALUE MEASUREMENTS [Abstract]

Assets and Liabilities Measured at Fair Value

As of June 30, 2024 and December 31, 2023, we considered the recorded value of certain of our financial assets and liabilities, which consist primarily of cash and cash equivalents, contract receivable and accounts payable, to approximate fair value based upon their short-term nature.

Table 6.1 - Fair Value Measurements - Current Period
	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Derivative liability	$	-	$	-	$	362	$	362
Warrant liability		-		-		1,499		1,499
Total liabilities	$	-	$	-	$	1,861	$	1,861

Table 6.2 - Fair Value Measurements - Prior Period
	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Derivative liability	$	-	$	-	$	588	$	588
Warrant liability		-		-		520		520
Cash settled performance-vesting restricted stock units		-		-		24		24
Total liabilities	$	-	$	-	$	1,132	$	1,132

Changes in Fair Value of Level 3 Liabilities

Table 6.3 - Changes in Level 3 Fair Value Measurements for the Six Months Ended June 30, 2024
	Embedded Derivatives			Warrant		Cash Settled PRSUs			Level 3 Total
	(in thousands)
Balance at December 31, 2023	$	588		$	520	$	24		$	1,132
Change in fair value of derivative instruments, net included on statement of operations		(226	)		979		-			753
Stock compensation net of payments and forfeitures		-			-		(24	)		(24	)
Balance at June 30, 2024	$	362		$	1,499	$	-		$	1,861

Level 3 Fair Value Measurement Inputs

Table 6.4 - Significant Unobservable Inputs Utilized for Level 3 as of June 30, 2024
	The “2022 Warrants”			2023 Convertible Note			The “2023 Warrants”
Exercise Price	$	19.40		$	5.00		$	5.00
Common Stock Price		4.60			4.60			4.60
Risk Free Rate		4.4	%		4.4	%		4.4	%
Volatility		100.0	%		100.0	%		100.0	%
Term (in years)	2.7 yrs.			1.0 yrs.			4.0 yrs.